GBP/USD continues to rally and has crossed the 1.55 line. Cable is still riding on the GDP releases last week, where the UK avoided a triple dip recession and grew by 0.3% in Q1 2013, while the US disappointed with an annual growth rate of 2.5%.
The pair jumped the UK release and extended its gains towards 1.55 on the US one, but failed to break 1.55 – it missed by one pip. But now, a new week brings new momentum.
1.56 is the next significant line. Live chart of GBP/USD:
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PMI releases are the main events in the UK this week. For more, see the British pound forecast.
